燕京啤酒（000729）3月24日主力资金净流入 1404.98万元 金融界消息 截至2025年3月24日收盘，燕京啤酒（000729）报收于12.28元，上涨0.49%，换手率 0.63%，成交量15.93万手，成交金额1.95亿元。 资金流向方面，今日主力资金净流入1404.98万元，占比成交额7.21%。其中，超大单净流出135.50万 元、占成交额0.7%，大单净流入1540.48万元、占成交额7.91%，中单净流出流出3224.70万元、占成交 额16.56%，小单净流入1819.72万元、占成交额9.34%。 燕京啤酒最新一期业绩显示，截至2024三季报，公司营业总收入128.46亿元、同比增长3.47%，归属净 利润12.88亿元，同比增长34.73%，扣非净利润12.61亿元，同比增长45.68%，流动比率1.721、速动比率 1.284、资产负债率36.18%。 天眼查商业履历信息显示，北京燕京啤酒股份有限公司，成立于1997年，位于北京市，是一家以从事 酒、饮料和精制茶制造业为主的企业。企业注册资本281853.9341万人民币，实缴资本281853.9341万人 民币。公司法定代表人为耿 ...

关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 北京燕京啤酒股份有限公司（以下简称"公司"或"本公司"）于 2024 年 4 月 12 日、2024 年 6 月 13 日分别召开公司第八届董事会第二十五次会 议、2023 年度股东大会，审议通过了《关于变更会计师事务所的议案》， 同意聘任中兴华会计师事务所（特殊普通合伙）（以下简称"中兴华所"） 为公司 2024 年度财务审计机构及内部控制审计机构，签字项目合伙人为赵 恒勤先生，签字注册会计师为刘俊晓女士，具体内容详见公司于 2024 年 4 月 16 日、2024 年 6 月 14 日登载于《证券时报》、《证券日报》、《中国 证券报》及巨潮资讯网（www.cninfo.com.cn）的《关于变更会计师事务所 的公告》（公告编号：2024-17）及《2023 年度股东大会决议公告》（公告 编号：2024-43）。 一、签字注册会计师变更情况 近日，公司收到中兴华所《关于变更北京燕京啤酒股份有限公司 2024 年度签字注册会计师的告知函》，中兴华所作为公司 2024 年度财务审计机 ...

重要内容提示： 1.投资种类：安全性高、流动性好、风险低的银行结构性存款。 2.投资金额：公司使用自有资金投资银行发行的结构性存款的单日最高余额 上限为人民币 20 亿元（含 20 亿元），在投资期限内上述额度内资金可循环投资、 滚动使用，但任一时点的交易金额（含前述投资的收益进行再投资的相关金额） 不超过上述额度上限。 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-04 北京燕京啤酒股份有限公司 关于使用闲置自有资金投资结构性存款的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 3.特别风险提示：公司决定使用闲置自有资金投资的银行结构性存款产品为 安全性高、流动性好、风险低的产品，总体风险可控，公司将根据经济形势以及 金融市场的情况适时适量的投资银行结构性存款，但仍不排除该投资的收益受到 市场波动、宏观经济政策变化等影响，敬请广大投资者注意投资风险。 一、投资情况概述 1.投资目的 在风险可控且不影响公司正常经营和主营业务发展的前提下，利用公司暂时 闲置的自有资金投资结构性存款，有利于进一步提高资金使用效率，增加投资收 益，为公司及股 ...

证券代码：000729 证券简称：燕京啤酒 公告编号：2025-03 北京燕京啤酒股份有限公司 第八届监事会第二十三次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、监事会会议召开情况 北京燕京啤酒股份有限公司（以下简称"公司"）第八届监事会第二十三次 会议通知于 2025 年 3 月 7 日以传真、电子邮件等方式送达全体监事，会议于 2025 年 3 月 17 日以通讯表决形式召开，会议应出席监事 3 人，实际出席 3 人，分别 为：王莉娜、乔乃清、邓启华。本次监事会会议的召开符合《公司法》、《证券法》 及《公司章程》的有关规定。 二、监事会会议审议情况 1、审议并通过了《关于使用闲置自有资金投资结构性存款的议案》 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。本议案获得通过。 会议决定，同意公司使用暂时闲置的自有资金投资银行结构性存款，单日最 高余额上限为人民币 20 亿元（含 20 亿元），在投资期限内上述额度内资金可循 环投资、滚动使用，但任一时点的交易金额（含前述投资的收益进行再投资的相 关金额）不超过上述额度上限。 监 ...

第八届董事会第三十一次会议决议公告 北京燕京啤酒股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 证券代码：000729 证券简称：燕京啤酒 公告编号：2025-02 北京燕京啤酒股份有限公司（以下简称"本公司"、"公司"）第八届董事会 第三十一次会议通知于 2025 年 3 月 7 日以传真、电子邮件等方式送达全体董事， 会议于 2025 年 3 月 17 日以通讯表决方式召开。会议应参加董事 6 人，实际参加 董事 6 人，分别为：耿超、谢广军、刘翔宇、郭晓川、周建、刘景伟。本次董事 会会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规 定。 二、董事会会议审议情况 1、审议并通过了《关于使用闲置自有资金投资结构性存款的议案》 表决结果：同意票 6 票，反对票 0 票，弃权票 0 票。本议案获得通过。 公司为充分利用暂时闲置的自有资金，进一步提高资金使用效率，在不影响 公司正常运营、严格控制风险的前提下，会议同意公司投资银行发行的结构性存 款，单日最高余额上限为人民币 20 亿元（含 20 亿元），在投 ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]

公司发布的三季报数据显示，前三季公司共实现营业收入128.46亿元，同比增长3.47%，实现净利润 12.88亿元，同比增长34.73%，基本每股收益为0.4570元，加权平均净资产收益率8.98%。 1月16日公司发布2024年业绩预告，预计实现净利润10.00亿元至11.00亿元，变动区间为 55.11%~70.62%。（数据宝） 融资融券数据显示，该股最新（3月10日）两融余额为1.94亿元，其中，融资余额为1.89亿元，本期筹码 集中以来融资余额合计减少1237.04万元，降幅为6.13%。 燕京啤酒3月11日在交易所互动平台中披露，截至3月10日公司股东户数为43920户，较上期（2月28日） 减少2341户，环比降幅为5.06%。这已是该公司股东户数连续第2期下降。 证券时报•数据宝统计，截至发稿，燕京啤酒收盘价为11.97元，上涨1.53%，本期筹码集中以来股价累 计上涨1.79%。具体到各交易日，4次上涨，3次下跌。 ...

Investment Rating - The industry investment rating is "Recommended" [3][29] Core Insights - The demand recovery post-Spring Festival is relatively weak, aligning with expectations. The feedback from the Spring Festival indicates a nearly 10% year-on-year decline in the sales of liquor, despite a noticeable improvement in the month-on-month performance. The liquor sector is entering a low season, and with companies like Wuliangye and Jinshiyuan halting shipments to maintain prices, the fundamental outlook is unlikely to improve significantly in the short term. The consumer goods sector shows a continued recovery, but the feedback from the Spring Festival is weak, particularly in the restaurant supply chain, which is expected to face short-term pressure. The condiment sector is showing a steady recovery, while dairy products are expected to decline year-on-year. The absolute growth rate of snack foods remains high, but growth is expected to cool due to a high base. Overall, the sector is likely to remain weak in the short term, but a gradual recovery is anticipated throughout the year, making it a good candidate for medium to long-term investment [4][6][10]. Summary by Sections Liquor Sector - The feedback from the Spring Festival indicates a continuation of the decline in the liquor industry, with an expected drop of nearly 10%. Post-holiday, the price of Moutai has stabilized and slightly increased, while Wuliangye's price has rebounded significantly after halting shipments. The first half of 2025 is expected to remain weak, but medium-term prospects may improve as domestic policies take effect. High-end liquor is recommended for long-term investment, with specific companies such as Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao highlighted [6][7]. Consumer Goods Sector - The consumer goods sector shows a slight recovery in sales post-Spring Festival, but overall performance remains weak. The restaurant supply chain continues to struggle, while the condiment sector is experiencing a steady recovery. Dairy products are expected to decline year-on-year, and the growth rate of snack foods is anticipated to decrease due to a high base. The sector is characterized by essential demand, and performance may exceed that of the liquor sector. Companies such as Yili, Tianwei, Anjixin, Qianwei Central Kitchen, and Haitian Flavoring are recommended for medium to long-term investment [6][7]. Market Performance - The sector has experienced a slight pullback in the first three trading days post-holiday, primarily due to weak fundamental feedback. The overall decline for the sector in 2025 is 6.9%, attributed to systemic adjustments and weak fundamental performance [10][11].

Investment Rating - The industry investment rating is "Recommended" [3][26] Core Views - The sector experienced a rebound of 2.3% this week, primarily due to a systematic market rebound, although the fundamental feedback remains subdued [4][9] - The liquor sector has seen a relatively smooth landing during the Spring Festival, but it is now entering a low season with both demand and inventory under pressure, making it unlikely for the fundamentals to improve significantly [4][6] - The consumer goods sector continues to recover, with policies like "consumption vouchers" in cities like Shanghai potentially benefiting the restaurant supply chain [4][6] - The overall sector may lack short-term catalysts and is expected to remain relatively weak, but there is potential for gradual improvement throughout the year [4][6] Summary by Sections Liquor Sector - The Spring Festival sales were relatively stable, but the industry is now entering a low season with weak demand, leading manufacturers to control supply and maintain prices [6] - The price of Moutai remains stable at around 2250 yuan per bottle, while Wuliangye is around 930 yuan per bottle [11] - The sector's fundamentals are becoming less influential on market trends, with a growing sensitivity to macroeconomic policies and capital changes [6] Consumer Goods Sector - The introduction of "consumption vouchers" in Shanghai is expected to have a marginally positive impact on consumer goods [6] - Sales during the Spring Festival showed a slight recovery, particularly in condiments and snacks, although overall performance remains relatively weak [6] - Raw material prices, such as milk and sugar, are on a downward trend, which is favorable for profit margins [6][17] Recommended Companies - Recommended companies include Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Tianwei Food, Anjui Food, Yili, Haitian Flavoring, Qianwei Central Kitchen, and Yanjing Beer [4][6]

Investment Rating - The industry rating is maintained as "Outperform" [7] Core Insights - The food and beverage sector has shown a recovery with a weekly increase of 1.77%, outperforming the Shanghai Composite Index which decreased by 2.22% [25] - The liquor segment is expected to see valuation recovery as major companies focus on channel optimization and marketing strategies ahead of the upcoming political meetings [2][13] - The beer and beverage sectors are anticipated to benefit from improved consumer demand in 2025, driven by promotional policies and a recovery in the restaurant and nightlife sectors [3][14] Summary by Sections Market Performance Review - The food and beverage sector saw a weekly increase of 1.77%, while the Shanghai Composite Index fell by 2.22%. Specific segments included: - Liquor: +1.64% - Dairy: +3.00% - Meat products: +3.52% - Pre-processed foods: +2.37% - Other alcoholic beverages: +0.59% - Beer: +2.84% - Soft drinks: +2.42% - Snacks: +4.30% [25] White Liquor Insights - The white liquor segment increased by 1.64%, with companies like Jiuziyuan and Yingjia Gongjiu showing significant gains. The current valuation is considered reasonable and low, with a PE-TTM of 19.50X [2][13] - Major liquor companies are focusing on channel management and marketing to rebuild confidence in the market, especially as the political meetings approach [2][13] Beer and Beverage Insights - The beer segment increased by 2.84%, with Budweiser Asia announcing a 7% increase in dividends and a management change. The Chinese market for Budweiser is projected to decline by 11.8% in 2024, but strategies are being implemented to enhance market share [3][15] - The beverage sector, including brands like China Red Bull, reported a slight revenue increase of 1.3% in 2024, reaching 21.09 billion yuan [3][17] Consumer Goods Insights - The snack segment led the market with a notable increase, while dairy products also performed well with a 3.00% rise. The report emphasizes three investment themes: "restaurant supply," "overseas expansion," and "raw milk turning point" [3][16] - The overall consumer goods sector is expected to benefit from lower inventory levels and seasonal demand as the market recovers [5][24] Investment Recommendations - Recommended stocks include leading liquor brands such as Moutai, Wuliangye, and Shanxi Fenjiu, as well as consumer goods companies like Yili and Mengniu in the dairy sector [5][24] - The report suggests focusing on companies with strong fundamentals and reasonable valuations, particularly in the consumer goods sector, which is expected to show strong elasticity in 2025 [5][24]